Bitcoin slides back to $62,000, Ethereum drops to $3,100 as markets slump

The entire cryptocurrency market is currently experiencing some significant volatility after experiencing a bull run earlier this month. On Wednesday, March 20, Bitcoin fell 5.38%. The crypto market’s most expensive asset is currently trading at $62,800 (approximately Rs. 5.21 crore). Last week, the value of BTC reached an all-time high of $73,000 (approximately Rs. 6.06 crore) before falling back to its current price point. The decline in BTC prices started after the United States decided not to lower interest rates for the time being.

“For investors on the long-term sidelines as the halving approaches, this dip could be a buying opportunity. Bitcoin’s temporary consolidation phase could be a good opportunity for investors to add it to their long-term portfolio, as overall The outlook remains positive,” BuyUcoin CEO Shivam Thakral told Gadgets360.

Ethereum prices fell 6% on Wednesday. As of the time of writing, ETH is worth $3,104 (roughly Rs. 2.57 lakh). As part of the bull run, Ethereum price crossed $3,900 (roughly Rs. 3.23 lakh).

“If Ethereum can hold above the $3,000 (roughly Rs. 2.49 lakh) support, it could signal the potential for a price recovery as buyers may gain confidence in this historically important level. However, a fall A break of this support could lead to a rapid decline to the next support area around $2,800 (approximately Rs. 2.32 lakh), indicating weakening upward momentum,” WazirX Vice President Rajagopal Menon told Gadgets360.

Currently, most cryptocurrencies are facing a continued slowdown in market momentum. These include Solana, Binance Coin, Avalanche, Dogecoin, Shiba Inu and Polkadot.

Polygon, Near Protocol, Bitcoin Cash, Uniswap, Chainlink and Tron also failed to make any gains.

Despite the difficulties, Wrapped Bitcoin, Leo, Iota and Braintrust posted modest gains on Wednesday.

The overall market value of the cryptocurrency industry fell by 5.76% in the past 24 hours.Cryptocurrency Industry Valuation, According to coin market capAs of March 20, the value was $2.31 trillion (approximately Rs. 1,91,80,992 crore).

“The BTC halving is less than 30 days away, which further proves that another shock is likely. Solana lost more than 13% of its value in one day, and other layer 1 blockchains said like “Solana Killers” like Aptos (+4.5%) and Fantom (+18.8%) have shown considerable strength, indicating that investor confidence has not been lost, CoinSwitch Markets Department told Gadgets360 when commenting on market conditions.

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